Introduction to Big Data and Business Intelligence Module 0

Three major characteristics that describe Big Data are Volume, Velocity, and Variety. Volume refers to the huge volume of data that is said to exceed a few Zettabytes by the year 2020. Velocity refers to the high velocity or speed of data that's ingested every second from all different types of sources. Lastly, Variety represents the high variety of sources of data ranging from applications, websites, to social media platforms, to QR codes. The three paradigm shift caused by Big Data are Datafication, Rich & Dynamic Content, and Large Population of Data. Datafication defines everything we do in the form of data. By evaluating trends and patterns, businesses can use these data to make recommendations, promote products or make other business innovations. The paradigm shift of Rich & Dynamic Content describe where there is a highly dynamic content containing reviews, locations, purchases, and etc. This will allow businesses to predict consumer behavior based on spatial location for example. The third paradigm shift, Large Population of Data, could be understood by the equation N = ALL where we no longer need to conduct samplings with focus groups but instead, we have the entire population of data.

All of the paradigm shifts listed above lead to endless opportunities for businesses. Businesses can now use BI tools to harness the power of data to provide insights to make valuable decisions. For example, Big Data can be used to improve healthcare by quickly spotting diseases and developing new meds. Another example would be preventing crime and deploying resources accordingly. Nevertheless, one should be mindful not only of the power and advantages Big Data brings, but also the fact that human ingenuity is a source of progress while Big Data is a resource and tool.

Overall, I think we are living in an incredible time period now where data can be used in ways never before. Businesses can now make accurate predictions and analysis using BI tools to guide themselves to make important business decisions and continue to innovate. We as business professionals, can leverage Big Data to not only better businesses but also provide a more customized experience for our clients. However, on the other hand, there are concerns with Big Data including data privacy, data discrimination and data security. I can't help but wonder how we can balance convenience from data versus the amount of personal data we disclose in the near future. Most of these days, I enter a website and it would assume that I'm okay with the site using cookies if I continue to browse the site. This means that it would begin to store my interaction with the site but also most likely my other browsing activities. With the amount of data out there from every individual, would that cause safety issues or discrimination due to a person's background as our trails of footprints made it impossible for anonymity in the near future?

References
I. Bernard Marr and Co. What is Big Data? A super simple explanation for everybody. Retrieved from https://d2l.arizona.edu/d2l/le/content/801842/viewContent/7458852/View

II. Cukier, Kenneth Neil & Mayer -Schoenberger Viktor. (2013, May). The Rise of Big Data. Retrieved from https://d2l.arizona.edu/d2l/le/content/801842/viewContent/7458850/View

III. Kopanakis, John. 5 Real World Examples of How Brands are Using Big Data Analytics. Retrieved from https://www.mentionlytics.com/blog/5-real-world-examples-of-how-brands-are-using-big-data-analytics/


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